Nigerian Stock Exchange Watch: Banks sell off causes ASI to retreat

The All Share Index shed 22 basis points as a sell of in banking stocks and low demand levels caused the market to fall.

Most top-tier banks GTBank (-0.99%), Zenith (-1.11%), and First Bank (-0.85%) retreated, as UBA (+1.84%) and Access (+0.49%) were the only banks in this category to gain.

Union (+4.75%) and Sterling (+1.85%) were the only other banks to gain; Fidelity (-3.97%), Diamond (-3.91%) and FCMB (-1.58%) declined.

The consumer goods sector was also largely bearish as the sub-index retreated (-0.04%). NASCON (+4.90%) was an exception, as was Flour Mills (+0.17%), Dangote Sugar (+1.09%) and 7-UP (+0.72%).

Dangote Flour (-2.17%), Cadbury (-3.91%), and Honeywell (-3.50%) were on the flip side taking in losses.

The Insurance sub-index fell by 0.32% but was more active than usual. Wapic (+4.55%) and Custodian (+4.64%) led the sub-sector. Also gaining included Continental Re (+3.70%) and Law, Union & Rock (+3.45%).

GTAssure (-4.51%) and Goldlink (-4.69%) were the participants in the red.